IRISnet IRIS Price

What is IRISnet (IRIS)?

IRISnet, initiated on March 1, 2019, serves as a service protocol and cryptocurrency with a specific focus on providing blockchain-based open networks to small and medium-sized businesses. Originating from the tech experts at Bianjie AI, the protocol endeavors to offer decentralized solutions for a diverse array of businesses, distancing itself from the conventional consortium blockchains predominantly led by larger corporations.

Founders and Objectives:

Harriet Cao and Haifeng Xi, co-founders of Bianjie AI, lead the development of IRISnet. Cao's expertise lies in modernizing financial solutions and blockchain applications for healthcare, while Xi specializes in distributed systems and blockchain applications. Together, they aimed to address the challenges faced by smaller enterprises through the creation of IRISnet.

Collaboration with Tendermint:

Tendermint, the company responsible for the Tendermint consensus engine and the developers of Cosmos, contributes to IRISnet's infrastructure. Cosmos, designed for blockchain app development, aligns with IRISnet's vision of providing versatile solutions for a variety of businesses.

Distinctive Features:

IRISnet differentiates itself by combining on and off-chain capabilities, where transactions occur on the blockchain while data processing and business logic are executed off-chain. The introduction of IRITA, an enterprise blockchain with features like flexible digital asset modeling and privacy-centric data authorization, demonstrates IRISnet's commitment to staying at the forefront of blockchain innovation.

Token Distribution Strategy:

IRISnet's initial token supply comprises two billion IRIS tokens, distributed across various categories. Private sale proceeds are allocated towards enhancing the IRIS network, while specific percentages are reserved for the IRIS Foundation's functions, team members, ecosystem development, and a special Cosmos Hub Airdrop. This strategic distribution is aimed at fostering the growth and sustainability of the network.

Security Mechanism:

Adopting a delegated proof-of-stake (dPoS) consensus mechanism based on the Tendermint Consensus, IRISnet enhances network security by relying on the reputation of nodes. Validators, or nodes, process transactions, and their reputation plays a crucial role in maintaining their status within the network. This approach ensures the reliability and security of the IRISnet network.

Conclusion:

IRISnet's evolution from its launch in 2019 to becoming an interchain service hub for distributed applications underscores its dedication to addressing the needs of small and medium-sized businesses. The collaboration with Tendermint, the introduction of features like IRITA, and a meticulous token distribution strategy collectively position IRISnet as a contender in shaping the future of decentralized networks for businesses across the spectrum.

What is unique about IRISnet (IRIS)?

IRISnet stands out for its innovative combination of on and off-chain capabilities, allowing transactions on the blockchain while executing data processing and business logic off-chain. Additionally, the introduction of IRITA, an enterprise blockchain with advanced features, demonstrates its commitment to providing cutting-edge solutions.

Who are the founders of IRISnet (IRIS)?

IRISnet was founded by Harriet Cao and Haifeng Xi, co-founders of Bianjie AI. Cao specializes in financial solutions and blockchain-based healthcare, while Xi has expertise in distributed systems and blockchain applications.

Who are the backers/investors of IRISnet (IRIS)?

The primary backers and investors of IRISnet include participants in its private sale, where 25% of the initial token supply was allocated. Proceeds from the private sale are directed towards the improvement and further development of the IRIS network.

What is the consensus mechanism of IRISnet (IRIS)?

IRISnet employs a delegated proof-of-stake (dPoS) consensus mechanism based on the Tendermint Consensus, enhancing security by relying on the reputation of nodes. Validators, or nodes, with a trustworthy reputation process transactions, contributing to the network's overall reliability and security.

Where can I buy IRISnet (IRIS)?

You can buy IRISnet (IRIS) on Gate.io, CoinEx, Osmosis cryptocurrency exchanges.